Canada Infrastructure Bank and First Nations Bank sign infrastructure loan deal

SASKATOON – The Canada Infrastructure Bank has signed a $100-million deal with the First Nations Bank of Canada to help Indigenous communities borrow money to build infrastructure.

FNBC chief executive Bill Lomax says the new program will make infrastructure projects in Indigenous Nations and communities more affordable.

By partnering with CIB, he says the bank can use its expertise in working with Indigenous communities and support new projects in a way it has not seen before.

Under the plan, Indigenous communities can apply for loans to finance enabling infrastructure, with the process managed entirely by FNBC.

The program will help provide financing for infrastructure development to support improved living conditions, economic opportunities and housing.

Projects could include such things as roads, water treatment facilities and utility connections.

This report by The Canadian Press was first published March 6, 2024.